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Sep 10, 2019 11:25 AM ET

Access Control Reader Market worth $5.4 billion by 2024 with a growing CAGR of 12.5%


Access Control Reader Market worth $5.4 billion by 2024 with a growing CAGR of 12.5%

iCrowd Newswire - Sep 10, 2019

According to the new research report “Access Control Reader Market by Reader Type (Card-based Readers, Biometric Readers, and Multi-technology Readers), Smart Card Technology Type (iCLASS, MIFARE, DESFire, Advant), Vertical, and Geography – Global Forecast to 2024”, published by MarketsandMarkets™, the Access Control Reader Market is expected to grow from USD 3.0 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 12.5%. The growth of this market is mainly propeled by the high demand for enhanced security; contactless interfaces to boost adoption of smart cards; and increased convenience, enhanced security identity management, and improved human resource management. Rapid urbanization in emerging economies is likely to provide growth opportunities for the access control reader market.

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Card-based readers to witness highest CAGR during 2019–2024

Card-based readers are expected to exhibit the highest CAGR in the access control reader market from 2019 to 2024. The market for card-based readers has been further categorized into magnetic stripe, proximity, and smart card readers.  Rising adoption of card-based reader technology-equipped time and attendance as well as access control solutions in various organizations across the world is one of the factors surging the demand for card-based readers.

Residential vertical expected to exhibit highest CAGR from 2019 to 2024

The access control reader market for the residential vertical is expected to grow at the highest CAGR from 2019 to 2024. In smart homes, access control readers are used to enhance security. Key factors contributing to the growth of this market include the rise in crime rates, ongoing technological advancements, high need for detecting hazards, such as fire and gas leaks, and ensuring the safety of children at home. The growing trend of smart homes is likely to increase the demand for access control readers in the residential sector.

Growing security concerns will boost demand for access control readers in APAC during forecast period

The access control market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the growth of the market in this region include large population, heavy investments in digitalization, rapid industrialization, and high demand for security systems. Furthermore, emerging economies are working toward improving their infrastructure, which is expected to impel the growth of the access control reader market. The rising adoption of access control readers in small- and medium-sized enterprises, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places is expected to drive the access control reader market in APAC.

Browse in-depth TOC on “Access Control Reader Market

69 – Tables

41 – Figures

170 – Pages

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Key players in the market include ASSA ABLOY AB (Sweden), dormakaba Holding AG (Switzerland), Allegion plc (Ireland), Identiv, Inc. (US), IDEMIA Group (France), Nedap N.V. (Netherlands), Suprema HQ Inc. (South Korea), Gemalto N.V. (Netherlands), NAPCO Security Technologies, Inc. (US), and Avigilon Corporation (Canada). These players are increasingly adopting growth strategies such as product launches and developments, mergers and acquisitions, contracts, partnerships, and agreements to develop and introduce new technologies and products in the market.

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/access-control-reader-market.asp 
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Contact Information:

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]






Keywords:    Access Control Reader Market

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